FG approves $2bn for first phase of Ibom Deep Seaport

Akwa Ibom state government says the federal government has approved $2.016 billion for the first phase of Ibom Deep Seaport (IDSP).

This was disclosed on Saturday by Akan Okon, commissioner for economic development and IDSP, in Uyo.

Okon said the federal executive council (FEC) approved the implementation of the first phase of IDSP on December 16, 2020.

He said the port will address issues of unemployment in Akwa Ibom and also enable the state implement schemes for job creation and poverty alleviation.

According to him, upon completion of the project, it is expected to generate no fewer than 300,000 jobs in Akwa Ibom.

“Akwa Ibom is industrialised because this project, when operational, will solve and arrest critical problems in the state most especially the issue of unemployment and then stimulate our state economy accordingly,” Okon said.

“The total cost of construction of the Ibom Deep Seaport is $4.6 billion but the first phase of it is $2.016 billion which was approved on Wednesday December 16 by the federal government.

“The port will increase the revenues of both the federal government and Akwa Ibom.”

He said the port will be constructed in phases and the first phase will have 10 terminals.

“Ibom Deep Seaport with Ibom industrial city would employ not fewer than 300,000 personnel in its first phase.”

Okon explained that the IDSP structure would be built on 60/40 percent, meaning 60 percent for the private sector and 40 percent will go to the public sector.